In Web 2.0, if you forget your password you can recover it from a centralized authority. In crypto, if you lose your private key or forget your seed phrase, you lose everything. This is one key bottleneck to crypto mass adoption — account security is very fragile. Moreover, expecting the next billion blockchain users to all safely retain their private keys is a very far-fetched notion. On the internet, you can often recover your accounts with two-factor authentication if you lose your password. Similarly, this can be built on blockchain technology through the use of a new concept called account abstraction. In this paper, I will examine the user experience and technical engineering problems solved by account abstraction, and also dive deeper into the further implications of the concept.
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Deep Dive into Account Abstraction and…
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In Web 2.0, if you forget your password you can recover it from a centralized authority. In crypto, if you lose your private key or forget your seed phrase, you lose everything. This is one key bottleneck to crypto mass adoption — account security is very fragile. Moreover, expecting the next billion blockchain users to all safely retain their private keys is a very far-fetched notion. On the internet, you can often recover your accounts with two-factor authentication if you lose your password. Similarly, this can be built on blockchain technology through the use of a new concept called account abstraction. In this paper, I will examine the user experience and technical engineering problems solved by account abstraction, and also dive deeper into the further implications of the concept.